PWC的全球最佳财务实践FIN-GL Best Practice Financial Processes General Ledger.ppt

1、Best Practice Financial Processes: General Ledger,General Ledger - Best Practice Objectives,General Ledger Objectives,Organisation,People,Processes,Controls,Measures,Information Systems,To be the primary source of financial information To ensure the integrity of financial management information To a

2、pply period end (e.g. monthly) disciplines and routines to produce periodic financial and management accounts To support the preparation of statutory accounts and comply with fiscal reporting requirements (e.g. VAT),Centralised processing Economies of scale,Maintain cost codes Maintain standing data

3、 Record & validate financial data Carry out period end ? and reporting Prepare cashflow reports Prepare status report and tax report Answer queries,Procedures manual Calendar timetable Quality of data Monthly routines,Days to produce accounts Manual Journal entries per period. (i.e. not system - aut

4、omated) JVs per head,Single source Integrated with other ledgers Data accurate and timely,Control awareness Legal framework awareness Provision of quality information to business,General Ledger - Best Practice Features,Establish and maintain standing data,Establish and apply accounting controls,Appl

5、y and allocation rules,Produce periodic financial reporting and information,Produce statutory accounts,Process Features,Common chart of accounts Minimal number of accounts to meet information needs Regulated control of new account creation Periodic check of inactive accounts,All users of financial s

6、ystems fully trained in standards and controls Clearly defined procedures cover reconciliation of control accounts Standard journal and authorised input forms are used Clear month end cut off process Electronic approval of journals Clear authority levels,Management accounting information is sourced

7、from GL (no reconciliation to financial accounts required) Level of detail is driven by business requirements Allocation rules are based on agreed rates or service level agreements Consistent use of account codes across business allowing comparison of costs,Rigorous period end and year end routines

8、to ensure accuracy of data Detailed procedures applied to reconciliations, accruals and prepayments Period and financial reports produced within 5 working days of period end Flash results within 1 day Cyclical reconciliation of balance sheet accounts Balance sheet accounts allocated to GL staff Soft

9、 close for non quarter months,Regular liaison with auditors to minimise ad hoc trail and reporting requirements for statutory reports Corporation disallowable and allowable tax data controlled through use of chart of accounts Period end timetable communicated to all relevant staff,General Ledger - B

10、est Practice Features,Establish and maintain standing data,Establish and apply accounting controls,Apply and allocation rules,Produce periodic financial reporting and information,Produce statutory accounts,System Features,Integrated system eliminates duplication of maintenance Local variation to com

11、mon core chart of accounts Comprehensive security and access controls Efficient copy and editing facilities Extra segment (s) provided for future expansion of requirements (fundamental change to business),System allows control prior period posting Variable journal input types such as standard, rever

12、sal, recurring System controlled month end procedures and processes On line training and help facilities,System provides control over combination of accounts and cost centres Controls applied for use of balance sheet and profit and loss accounts Real time allocation to cost centres Automatic reconci

13、liation of management and financial accounts,Automatic period end reports produced Comprehensive report writer facilities to provide user defined reports One line reporting of information and drill down On line graphical display or links to EIS system Screenbased exception reporting,System allows pr

14、ior year postings and automatic balances carried forward System is sole source of consolidated statutory reporting requirements and holds non financial data Drill down facilities provides full audit trail on financial data Additional period used solely for year end accounts Multi-currency, multi-cou

15、ntry consolidation,General Ledger - Measures/Cost Drivers,Number of reporting periods Number of manual interfaces Number of accounts and cost centres Complexity of costing and reporting structure Approval process for journals Mechanism to calculate accruals and prepayments,Median,8 days,90 percentil

16、e,16 days,90 percentile,Median,10 percentile,Number of journal entries per FTE,486,000,66,600,3,200 or less,General Ledger cost per Business Unit FTE (in s),10 percentile,Median,90 percentile,32,157,574,10 percentile,3 days,Days to produce monthly management accounts,Cost drivers,Source: Statistics

17、taken from Benchmarking database: 21 January 1997,General Ledger -Trends,From,To,Separate GL Analysis via spreadsheets/ manual input Multiple source of data across multiple systems Manual reconciliation Performed by finance department,Integrated global systems and compliance Graphics and analysis/dr

18、ill down tool Single source of data via data warehouse Automatic reconciliation Shared or outsourced services,General Ledger - Critical Success Factors,These are a summary of the key business requirements, which must be met to achieve the objectives. Authority levels clearly defined for journals/acc

19、ruals General Ledger procedures and guidelines documented Staff trained in GL process and have clear roles and responsibilities Period closing and reporting calendar established and communicated to all staff Chart of Accounts and cost centres defined Statutory accounting requirements understood Budg

20、et responsibilities communicated to staff Reconciliation procedures in place,General Ledger - Level 0 Context Diagram,General Ledger,Accounts Receivable,Accounts Payable,Purchasing,Payroll,Cost Centres / Operating Departments,Fixed Assets,Project Accounting,Inventory,Audit,Company / Group / HQ Board

21、 and External Agency,Legal Entities,Billing Accruals,Accounts Receivable details,Consolidation / Management Reports,Budget & Financial Reports, Management Reports,Assets data (Depreciation etc.),Project details,Inventory details,Check Reconciliation,Statutory, Tax & Regulatory, Management Accounts r

22、eports,Payroll details,Commitments,Accounts Payable details,Accounting Policies,Billing,Accruals,Budgeting & forecasting,Budget data,Cash Management,CM details,General Ledger - Level 1 Overview,Business needs,Procedural reviewPeriod changesPersonnel changes,COA data,Updated data,Management Accountan

23、t,GL system databasesReport generators, andquery tools, spreadsheets,System controls, Timetable,System access rights,Request procedures, COA structure and rules, GL rules - Notification procedures,Mgt. Acct. User, DBA,G/L d/base,Prescribed Journal format,System controls, &Timetables. On line GLdata

24、validation,Management AccountantSystem clock andprocessesSource info. DepartmentsSub ledger managers,Audit trail / Basicfinancial data,Reconciliation procedures,On line GL data validationSystem controlsAccounting guidelines,Variance analysisReview data,Financial results,Management AccountantG/L Syst

25、emSpreadsheet reportsLedgers,Reporting controls ReviewManager approval,Reports,Management Accountant G/L System, prior year stats. Financials,Responses,Query handling procedure,Mgt. Acct. Auditors, G/L system, Ledgers, On liequery and download tools, Auditors, Mgt. reports,Financial results,Basic fi

26、nancial data,Local GAAP rules,Reporting FinancialsManagement Sign offTax rules,Financial Accountant, Management Accountant G/L System, FD Prior Year Stats. Tax experts User departments,Optional,User query,System,General Ledger - Notes - Carry out period end routines and reporting,Best practice featu

27、res (Carry Out Period End Routines) Single ledger Single calendar Procedures for interfaces (both internal and external) Eliminate manual entries as much as possible to avoid reconciliation problems Automatic journals for recurring documents (see GL01) to minimise the manual data input Journals with

28、 automatic reversal postings Balance sheet accounts allocated to GL staff (integration with related subledgers) At maximum 5 days for closing Automatic downloads available for efficient external report processing. Best practice features (Reporting) Calendar/report schedule Minimum necessary number o

29、f reports to eliminate duplication of information provided Automatic report processing enabled by flexible report writer Regular contact with auditor to minimise ad hoc queries Same data for management and statutory reports Flash report within 1 day, monthly/preliminary year end reports within 5 day

30、s.,General Ledger - Notes (cont ),Internal Control Requirements All the interface data and underlying documentation has to be approved by responsible senior manager. The process of acc. operations covers part of the internal control processes - the reconciliation of the balances with the other proce

31、sses. The reconciliation rules to be covered by the Accounting Manual. The uniformity of the process procedures within the company has to be achieved as well. Each balance has to be approved by appropriate senior manager. The report reconciliation with the actual GL data has to be in place. All the reports have to be signed by senior mgt. Key performance indic